The steel market has been enjoying a robust December, with the Shanghai benchmark surging above 4,500 yuan a tonne for the first time since November of 2018 amid continued robust domestic demand, mainly due to China’s infrastructure and property boom. Chinese industrial production increased by 7 percent year-on-year in November 2020, the most since March of 2019, as the economy continued to recover from the pandemic crisis. On the bullish side were also wider market enthusiasm over the roll-out of the first coronavirus vaccines, which will pave the way for a global economic recovery in 2021.
